BTC TRIANGLE BREAK IS IMMINENT
Updated
Today, and most likely in the next 4 to 6 hours, BTC will show its hand.
This triangle is not ideal. I usually prefer triangles that connect candle closes and not wicks, but this one gives us more clarity.
The wicks below the bottom of the triangle have been bought so far so I'm definitely waiting for confirmation as that will shift the odds to the bears. The opposite can be said for the top of the triangle, where a close above it will shift the odds to the bulls.
In case of a break below the triangle, I won't be looking for agressive short entries. Instead, I'll be zooming out to the daily timeframe as we are still looking for a daily higher low to form and the 200MA, 12 and 21 EMA are right below us.
This triangle is not ideal. I usually prefer triangles that connect candle closes and not wicks, but this one gives us more clarity.
The wicks below the bottom of the triangle have been bought so far so I'm definitely waiting for confirmation as that will shift the odds to the bears. The opposite can be said for the top of the triangle, where a close above it will shift the odds to the bulls.
In case of a break below the triangle, I won't be looking for agressive short entries. Instead, I'll be zooming out to the daily timeframe as we are still looking for a daily higher low to form and the 200MA, 12 and 21 EMA are right below us.
Note
The fight between bulls and bears is still on. The attempts from bulls are falling shorter and getting closer to the $9,000 support level as time goes by.
Trade active
Because of that, I am currently in a short position from $9,250. My stop is set above $9,315 and I have aggressive cover orders between the $8,600 - $8,800 range. I will be paying close attention to the weekly close as it is currently sitting at a vital support level. If it holds, the odds of having continuation in the coming weeks will increase.
I'll post a chart regarding the weekly close before the end of the weekend.
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